HB713 Alabama 2012 Session

Updated Jul 25, 2021

Summary

Primary Sponsor: Joseph C. Mitchell
Democrat
Co-Sponsors: Dexter Grimsley Napoleon Bracy Jim Barton Steve McMillan Alan Baker Chad Fincher Joe Faust Harry Shiver Victor Gaston Randy Davis James E. Buskey Thomas Jackson David Sessions
Session: Regular Session 2012
Title: Insurance Department, required to collect information from insurance companies on homeowners insurance policies and premiums and post aggregate information on website, penalties for insurance companies not in compliance, Property Insurance Clarity Act
Description: This bill would create the Property Insurance Clarity Act.
This bill would require insurance companies authorized to transact homeowners insurance business in the state to provide policy and premium information to the Department of Insurance.
This bill would require the department to provide, on the department website, aggregate information for homeowners insurance policies pertaining to the number of policies written, the direct earned premiums, and the direct incurred losses representing the total of every insurance company doing business in Alabama.
This bill would also require the department to post on the department website a comprehensive description of the rate making methodology used by the department for homeowners properties risk and other related data.
Subjects: Insurance Department

Read for the first time and referred to the House of Representatives committee on Insurance